I have a question: if the employer is not depositing the Provident Fund contribution (both employee & employer) within time, will employees still get the interest on PF for the delayed period? If anyone has any documents related to this, kindly provide them.
Regards,
From India, Madras
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3Regards,
From India, Madras
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Dear San Sri, Yes The Employee will receive Interest on His PF Amount though the payment was delayed.
From India, Surat
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From India, Surat
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Yes, the employee will receive interest on their PF amount even though the payment was delayed.
Interest Eligibility for Employees
Dear employees, you will definitely be eligible for interest. The EPF authority always generates a list of faulty employers, meaning those who do not submit returns by the due date. If you are a faulty employer, the EPF authority will conduct an audit of your establishment.
Thanks & Regards,
Deepak Patil
From India, Pune
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Interest Eligibility for Employees
Dear employees, you will definitely be eligible for interest. The EPF authority always generates a list of faulty employers, meaning those who do not submit returns by the due date. If you are a faulty employer, the EPF authority will conduct an audit of your establishment.
Thanks & Regards,
Deepak Patil
From India, Pune
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I am not sure whether interest is paid by the P.F. Dept. for the period of delay in paying contributions, but the P.F. authorities can levy interest and damages for the period of delay on the contributions thus defaulted by the employer under the provisions of the P.F. Act.
Regards, B. Saikumar
From India, Mumbai
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Regards, B. Saikumar
From India, Mumbai
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Interest on Provident Fund (PF) for Delayed Deposits
Employees will continue to receive interest on their Provident Fund (PF) amount even if there is a delay in the deposit by the management. The PF authorities are responsible for collecting interest on delayed payments from the employer.
Regards,
From India, Hyderabad
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Employees will continue to receive interest on their Provident Fund (PF) amount even if there is a delay in the deposit by the management. The PF authorities are responsible for collecting interest on delayed payments from the employer.
Regards,
From India, Hyderabad
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In response to your query, I am confirming that employees will receive their due interest from PF Authorities despite the fact that the employer has failed to deposit the monthly PF contribution on time, i.e., by the 15th of the month.
Delayed Payment and EPFO Actions
For the delayed payment, the EPFO will issue a show cause notice to the employer regarding interest and damages at the end of the financial year when the PF accounts of all employees are finalized and Form 23 is generated. If the reply to the show cause notice is unsatisfactory, the EPFO will charge interest for the delayed payment as well as damages as per the provisions of the Act.
In any event, the employee will not be disadvantaged in terms of the interest to be received. I hope this clarification is clear to you.
Regards,
Sibabarata Majumdar
Management Consultant Legal & HR
Kolkata, Mb: [Phone Number Removed For Privacy Reasons]
From India, Calcutta
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Delayed Payment and EPFO Actions
For the delayed payment, the EPFO will issue a show cause notice to the employer regarding interest and damages at the end of the financial year when the PF accounts of all employees are finalized and Form 23 is generated. If the reply to the show cause notice is unsatisfactory, the EPFO will charge interest for the delayed payment as well as damages as per the provisions of the Act.
In any event, the employee will not be disadvantaged in terms of the interest to be received. I hope this clarification is clear to you.
Regards,
Sibabarata Majumdar
Management Consultant Legal & HR
Kolkata, Mb: [Phone Number Removed For Privacy Reasons]
From India, Calcutta
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Hi, this is Tanu, and I am handling compliance in my company. For the past four months, we have not submitted the EPF contributions, and we have received multiple show cause notices. Currently, we have already created the challans for the last four months, and the payment will be made next week. I am stuck in deciding how to reply to this situation. Please suggest a suitable response.
From India, Noida
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From India, Noida
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Hi, this is Santosh Kumar, and I'm handling compliance in my company. For the past four months, we have not submitted the EPF contributions, and we have received multiple show cause notices. Currently, we have already created the challans for the last four months, and the payments will be made next week.
Please suggest how to reply as I am currently stuck in this situation.
From India, Delhi
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Please suggest how to reply as I am currently stuck in this situation.
From India, Delhi
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Online payment of PF mandatory from 1.1.2016.pdf